Third-Party Group Benefits Administration: Could It Be Your Industry Edge?
If your business is like most, you’re constantly thinking of ways to improve your systems and grow your profitability. You know that employee retention matters to your business’s success. But have you considered how your group benefits administration and structure can impact your employee retention and profitability?
Choosing a third-party group benefits administrator provides numerous benefits for your business. Read on to learn how third-party administration (TPA) can give you an industry edge, then contact Advantage Pacific to learn about our group benefits administration services.
What Is Third-Party Administration?
With third-party benefits administration, another company oversees and manages your group benefits plan. Instead of creating and managing your group benefits plan in-house and self-funding it, you pass the responsibility to a qualified benefits specialist.
TPA service providers can perform a range of tasks involved in offering employee benefits:
- Manage new member enrollments and terminations
- Keep all employee files
- Answer employees’ questions about benefits
- Ensure that employees have all beneficiaries listed on their plans
- Send educational information to new employees
- Provide digital benefits cards
If your business currently oversees your benefits plan, transitioning to a TPA may be an efficient alternative. If it’s time to renew your current benefits plan, start by conducting a plan review to see if switching to a TPA could benefit you and your employees.
Advantages of Third-Party Group Benefits Administration
Here are the benefits you can expect to receive when you switch to third-party group benefits administration:
Let You Focus On Your Business
TPAs allow you to take a hands-off approach to group benefits administration freeing up the time of your in house administrator to focus on their many other duties. You won’t need to spend any more time administering benefits, answering employee questions, or restructuring your group benefits plan. Instead, you can focus on the more vital tasks involved in running a successful business.
Enhance Employee Retention and Engagement
Your company offers employee health benefits for many reasons: to attract and retain employees, to ensure they have access to a robust line up of physical and mental health supports, to do everything in your power to help them avoid burnout. Today, more than ever, Canadian employees expect to receive comprehensive benefits packages from their employers. A survey found that at least 60% of employees throughout Canada would leave their current company in favour of one with better employee wellness benefits, even if it meant decreasing their salary.
When you choose a TPA for your group benefits administration, you don’t need to wonder whether your benefits package meets your employees’ needs. Your employees can benefit from:
- Flexible insurance options
- Member satisfaction surveys
- Dedicated support from a knowledgeable benefits team
- Digital employee engagement methods, such as smartphone apps and online integrations
Improve Insurance Options
Third-party administrators specialize in providing top-quality insurance benefits. As a result, their insurance options may outperform what you’re currently offering employees.
Many TPAs enable employees to choose the best insurance provider for various types of benefits: dental, vision, life insurance, general health, etc. TPAs also work with reputable, customer-focused insurance providers to improve the claims experience for employees.
When you work with a TPA, you can feel confident that you and your employees will have access to the top insurance options in Canada at the best price.
Ensure a Seamless Enrollment Experience
Enrolling in benefits is a stressor new employees sometimes dread. With a top-level TPA life Advantage Pacific, on your side, your employees can have a seamless experience starting and managing their benefits.
TPAs use the same form for all insurance providers in their benefits plans. Additionally, when employees switch insurance coverage under their group benefits, they won’t need to re-enroll or fill out additional paperwork.
Allow For Fully Digital Benefits Processes
Working with a TPA can also eliminate the physical paperwork involved in outdated group benefits processes. Your employees can benefit from a fully digital benefits experience in which they submit forms, receive communications, make changes, and sign documents completely online.
Avoid Extra Fees
Third-party administrators have low administration costs and straightforward pricing structures. Many only charge a percentage of the cost of insurance claims. Others — Advantage Pacific included — don’t charge extra fees for TPA services when you choose a preferred provider.
Choose Advantage Pacific As Your Third-Party Administration
Handing your group benefits administration over to a reliable TPA can boost employee satisfaction and retention and allow you more time for your business, both of which can give your company an edge over competitors. At Advantage Pacific, we provide top-tier group benefits administration for companies of all sizes across Canada.
With fully digital processes, a commitment to customer satisfaction, and no extra fees, we offer the Third Party Administration services you need. Place your group benefits administration in our hands, and get back to running your business.
Contact our Advantage Pacific team today at 778-349-8774 to book your consultation.